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8/26/24
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Boston based Longpoint Realty Partners acquired a newly renovated, 68.8k sf single-tenant industrial property in Gilbert, AZ for $17 mil ($247/sf). The building sits on roughly five acres at 1503 West San Pedro St.
The building was originally developed in the mid-1980s but recently completed an extensive interior and exterior renovation in 2023. It includes 1.2 acres of fully fenced, secured yard. The property was 100% leased to a leading supplier of aftermarket aviation assets at the time of sale.
Cushman & Wakefield’s Phil Haenel, Will Strong, Foster Bundy, and Katie Repine represented the seller, Stonelake Capital Partners, in the transaction. The firm’s Mike Haenel and Andy Markham provided leasing advisory.
“This is a high-quality, revamped second-generation industrial facility on a uniquely oversized parcel featuring robust outdoor yard space. As a premier infill investment asset, it is also supported by a strong credit aerospace tenant,” said Phil Haenel. “Additionally, the property is also strategically positioned within a few miles of Loop 101, US-60 and Loop 202 and within 15 miles of both Phoenix Sky Harbor International Airport as well as Phoenix-Mesa Gateway Airport (AZA). The property’s proximity to these airports in either direction can benefit the occupier’s business.”
"The Southeast Valley submarket is quickly becoming a hotspot for various key industries and growing companies, making it a prime target for investors. In the first half of 2024 alone, it saw over 1.7 msf of industrial occupancy growth, according to Cushman & Wakefield’s Q2 2024 Phoenix Industrial market report," said Bundy.
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